Mosaic Opens Up Largest Solar Rooftop Project To Date To Online Investors
April 29, 2013 Andrew
Pioneering solar photovoltaic (PV) crowdfunding platform provider Mosaic has opened its largest solar project to date to investors in California. Mosaic is looking to raise nearly $700,000 to fund installation of 487-kilowatt (kW) solar PV array on the roof of New Jersey’s Wildwoods Convention Center.
Individual investors are snapping up opportunities to invest directly in solar PV projects via Mosaic’s online marketplace. Mosaic’s most recent solar PV project – a $152,700 loan to install a 114-kW solar PV array on top of the Ronald McDonald House in San Diego – sold out in less than six hours. In addition to helping the charitable foundation create clean energy and save money on electricity bills, the loan yields an estimated 4.5% return to investors.
Image Credit: Mosaic
Democratizing Solar PV Project Finance
Located on New Jersey’s southern shore and within a day’s drive of one-third of the US population, the Wildwoods Convention Center has hosted more than 1 million visitors since opening its doors in 2002, according to a Mosaic press release.
Open only to California investors, Mosaic’s solar rooftop investment opportunity coincides with Earth Week 2013 celebrations. The project to install a 487-kW solar array on top of the convention center is expected to provide 24% of the facility’s electricity and reduce its carbon dioxide emissions by 179 tons annually, the equivalent of 387,500 vehicle-miles not traveled.
Commented Dan Rosen, Mosaic’s CEO and founder:
“We want to give people the opportunity to do good and do well at the same time. Investing in real, tangible, solar projects, that generate electricity, is a great way to do that.”
Investing In Solar Rooftops: Big Up From the Investing Public
Mosaic launched its first three crowdfunded solar PV projects in January. Public response was dramatic, and